Question

Was I supposed to receive 5k per child on my taxes? I had twins in November and never got any CTC payments. I only got $7000 total for the kids on taxes. Not 5k each ??

Forum|Forum|4 years ago
February 12, 2022
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TurboTax Deluxe Online

Employee

The CTC is $3600 per child if the child is younger than 6. And the 3rd EIP payment is $1400 per dependent---so, added together, yes, $10,000. But those amounts are credits against which any tax you owe can be applied. If you would otherwise owe tax due, the credits are being used to pay the tax.

Look on lines 28 for the child tax credit and line 30 for the EIP payment (recovery rebate credit)---then follow the math down to the lines below. Your refund will be shown on line 35a.

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Another possibility----- is your income high enough to put you in the "phase out" zone for the credits?

Who’s eligible for the third Economic Impact Payment? (updated March 30, 2021)

Generally, if you’re a U.S. citizen or U.S. resident alien, you are eligible for $1,400 ($2,800 for a joint return), plus $1,400 for each qualifying dependent, if you (and your spouse if filing a joint return) aren’t a dependent of another taxpayer on a 2020 tax return, have a valid Social Security number (SSN) (see exception when married filing jointly and exception for qualified dependents) and your adjusted gross income (AGI) does not exceed:

$150,000 if married and filing a joint return or if filing as a qualifying widow or widower
$112,500 if filing as head of household or
$75,000 for eligible individuals using any other filing statuses, such as single filers and married people filing separate returns.

Payments will be phased out – or reduced -- above those AGI amounts. This means taxpayers will not receive a third payment if their AGI exceeds:

$160,000 if married and filing a joint return or if filing as a qualifying widow or widower
$120,000 if filing as head of household or
$80,000 for eligible individuals using other filing statuses, such as single filers and married people filing separate returns.

For example, a single person with no dependents and an AGI of $77,500 will normally get a $700 payment (half the full amount). A married couple with two dependents and an AGI of $155,000 will generally get a payment of $2,800 (again, half the full amount). Filers with AGI of at least $80,000 (single and married filing separately), $120,000 (head of household) and $160,000 (married filing joint and surviving spouse) will get no payment based on the law.

You aren’t eligible for a payment if any of the following apply:

You could be claimed as a dependent on another taxpayer’s 2020 tax return
You’re a nonresident alien.
You don’t have a valid SSN issued to you by the due date of your tax return (including an extension to October 15 if you request it).

Also, payments will not be made to estates or trusts or for individuals who died before January 1, 2021.

A4. The Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:

$150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
$112,500 if filing as head of household; or
$75,000 if you are a single filer or are married and filing a separate return.

The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**